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Rabat – Chakib Alj, the President of the General Confederation of Moroccan Enterprises (CGEM), stressed on February 14 the necessity to reinvigorate Morocco-EU trade and investment agreement.
Alj made the comments during a meeting between CGEM and BusinessEurope on the sidelines of the 7th EU-Africa Business Summit (EABF). The event explored ways to even the field in Africa-EU relations under the theme “The modernization of the Morocco-EU Association Agreement: for a stronger integration of European and African markets.”
Alj highlighted Morocco’s efforts in strengthening the relations between the two continents, while reiterating the country’s political stability and its geographical, financial, and economic advantages.
“The kingdom is now a reliable investment destination with high added value and a recognized hub in Africa,” Alj said.
Of cooperation between Moroccan and European companies, Alj emphasized they share the same challenges related to immigration, climate change, and supply chain instability as much as they share the same vision for the future to boost trade and create more employment for young people and women in particular.
The CGEM president noted that enhancing the Morocco-EU Association Agreement would create several opportunities and could also be a model for a stronger EU-Africa partnership.
During the meeting, President of BusinessEurope Pierre Gattaz stressed that the Morocco-EU Association Agreement “must be adapted to the standard of the 21st century to meet the companies’ needs especially in the digital economy.”
Gattaz added, “To foster the integration of our value chains, we need to break down non-tariff barriers and facilitate foreign investment and the service trade in particular.”
Meanwhile, Abdou Diop, President of the CGEM’s Africa Commission, noted that the COVID-19 pandemic has made African countries more aware of the need to promote regional integration, develop industrialization, and foster “Made in Africa.”
The three panelists also spoke on the advantages that the modernization of the Morocco-EU Association Agreement would offer for companies from both parties, particularly in terms of the integration of value chains.
Regarding the African Continental Free Trade Area (AfCFTA), they underlined that it will provide access to a market of 1.2 billion consumers and contribute to stimulating investments to ensure a sustainable socio-economic growth in Africa.
The meeting follows a September 2021 joint declaration to improve the EU-Morocco trade and investment system between CGEM, Business Europe, and EuroCham Morocco.
Read Also: Morocco Seeks New Win-Win Partnership Between EU, Africa
